Central Gulf Lines Seeks Transfer Authorization

April 3, 2002

Central Gulf Lines, Inc., has requested the necessary permissions to transfer one authorization granted under Section 615 of the Merchant Marine Act, 1936, as amended, to a wholly owned subsidiary. Central Gulf’s subsidiary intends to acquire a ship construction contract to be entered into between Liberty Shipping Group Limited Partnership and Oshima Shipbuilding Co., Ltd., for the construction of one 52,200 DWT multipurpose bulk ship. The subsidiary will construct the vessel at Oshima Shipyard in Nagasaki, Japan, pursuant to the Section 615 authorization. Upon issuance of the builder’s certificate by Oshima Shipyard the Central Gulf subsidiary will issue a bill of sale for the vessel to Liberty Shipping.
Specific approvals or confirmations sought by Central Gulf are (1) approval, to transfer one section 615 authorization from Central Gulf to a wholly owned subsidiary of Central Gulf, (2) confirmation that the vessel description in the authorization to be transferred encompasses the vessel, and (3) confirmation that the vessel once delivered to Central Gulf, purchased by Liberty Shipping and documented in the United States in accordance with the above transactions, will be immediately eligible to transport cargoes reserved to privately owned U.S.-flag commercial vessels by the Cargo Preference Act of 1954, as amended.

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